Price Reduction with Significant Income Potential!Investors and contractors seeking an income property will find a promising MOTEL opportunity in the heart of downtown Crestline. This property is conveniently located near Lake Gregory, with easy access to shopping, dining, local bus stops, postal services, and banks. The area is a tourist magnet, offering attractions such as Lake Gregory Recreation, hiking trails, water sports, parks, and is close to other mountain resorts.The property currently comprises five units, reduced from nine due to a fire. Built in 1935, it features a partially completed 4-unit building, an unfinished manager’s unit with a fireplace, and a fire-damaged 4-plex. Each unit has an unfinished kitchen and a 3/4 bath. Spanning from street to street, the property provides dual access, including level access from the rear, and encompasses two adjoining lots totaling around 9,700 square feet.Post-fire, the demolition permit for the damaged four-plex will expire in September 2024, leaving five units available for rental income. The salvageable rear building requires floor framing repairs, smoke damage remediation, and siding fixes. Installation of stoves and gas heaters is pending, along with necessary roofing and siding repairs. Some windows are broken or missing, and there are ceiling holes due to firefighting efforts. The front manager’s unit, also under renovation, needs completion, and a repair permit is essential for its finalization and the four-plex's restoration.Previously featuring a swimming pool, the property now boasts a spacious open patio at the front, ideal for social events. The motel has never been fully rented out, having been under renovation for years before the fire, thus lacking a history of income. Potential investors should consider the prospective income and view the property's location via Google Street View to understand its value in the town's context.
|
DAYS ON MARKET
|
169
|
LAST UPDATED
|
10/2/2024
|
|
TRACT
|
Crestline (CRES)
|
YEAR BUILT
|
1935
|
|
COMMUNITY
|
Crestline Area
|
COUNTY
|
San Bernardino
|
|
STATUS
|
Active
|
PROPERTY TYPE(S)
|
Residential Income
|
|
Prior to Jul 28, '24
|
$650,000
|
| Jul 28, '24 - Today |
$575,000 |
| AIR |
None |
| APPLIANCES |
Gas Oven, Gas Range |
| AREA |
Crestline Area |
| EXTERIOR |
Fire Pit |
| FIREPLACE |
Yes |
| HEAT |
Natural Gas, Wall Furnace |
| HOA DUES |
0 |
| LOT |
9700 sq ft |
| LOT DESCRIPTION |
Rectangular Lot |
| POOL DESCRIPTION |
None |
| SEWER |
Sewer Tap Paid |
| STORIES |
2 |
| SUBDIVISION |
Crestline (CRES) |
| UTILITIES |
Cable Available,Electricity Connected,Natural Gas Available,Sewer Connected, Electric: Standard |
| VIEW |
Yes |
| VIEW DESCRIPTION |
Neighborhood |
| WATER |
Public |
| ZONING |
CF/CG-SCP |
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Listed with Hallam Homes
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 11/25/24 1:44 PM PST and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
This IDX solution is (c) Diverse Solutions 2024.
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